Special Needs Trusts

As a parent of a child with special needs, it pays to protect your child in the event of your death. A well-planned Special Needs Trust enables your child to cover his/her immediate needs in the event something unexpected happens to you. Our Fremont Bank wealth management team specializes in the setup and administration of Special Needs Trusts in the greater Bay Area.

What are Special Needs Trusts?

Special Needs Trusts are designed to supplement, not replace, the kind of basic support provided by government programs like Medical and Supplemental Security Income (SSI). Special Needs Trusts pay for comforts and luxuries -- "special needs" -- that could not be paid for by public assistance funds.

How important is the trustee of a Special Needs Trust?

If money from the trust is used for food or shelter costs on a regular basis or distributed directly to the beneficiary, such payments will count as income to the beneficiary. This can affect eligibility for Medical and SSI. One of the trustee's most important jobs is to use discretion in making distributions from the trust so as not to jeopardize the beneficiary's eligibility for these government benefits.

Why would you want Fremont Bank to be the trustee for your child's Special Needs Trust?

Our dedicated professionals work closely with each client and family to provide assistance appropriate for your particular situation. Depending on your child's needs, we offer services including professional service coordination, budgeting, bill paying, tax review and insurance evaluation. Working closely with our clients, their families and concerned parties, we begin with a thorough assessment of your child's needs. We'll then create a comprehensive plan detailing suggested services and approaches for addressing long-term special needs. At Fremont Bank, Special Needs Trusts are a core capacity and not an "add-on" service or after-thought.

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